Resolving Customer Retention- A Telecom Case Study
The client is one of the world’s leading mobile telecommunications companies with a significant presence in Europe, the Middle East, Africa, Asia Pacific and the United States.
Due to steep competition and technology disruption, the telecom industry is facing significant challenges in increasing their market share and retaining customers.
To overcome these problems, telecommunication companies are generously investing in CRM strategies and software that are custom made to meet the highly specific demandsof their industry.
The client was struggling to improve customer retention, which was proving difficult as their current customer contract management system was passive, largely manual and thus inefficient. Sales agents did not have the ability to analyze the customers’ contract situation and past history. Inefficient and unclear visibility into contract statuses resulted in customer loss and missed sales opportunities that significantly impacted the business.
The Conam team helped the client by developing acustom cloud-based contract management application which was integrated with the client’s Salesforce.com CRM platform. This contract management application helped resolve several issues such as providing a historical view of client contracts and contract expiration timelines along with automated proactive notifications. Renewal follow up tasks were automatically generated and assigned to agents workflows along with analytics suggesting the best fit plans for the customer.
The client experienced cost savings of 17% due to efficiencies and automation brought in to the customer retention process. The sales agents access to customer contract status, analytics and intelligent plan suggestions resulted in a 21% increase in customer retention rates.